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Lowe’s Announced 2023 Financial Performance & New Rewards Program

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Lowe’s reported their financial performance for Q4 2023 and full-year 2023.

The company blamed a decrease in Q4 2023 performance on “a slowdown in DIY demand and unfavorable January winter weather,” and said that “Pro customer comparable sales were flat for the quarter.”

Q4 2023 Sales: $18.6 billion (down from $22.4 billion in Q4 2022)
Q4 2023 Net Earnings: $1.02 billion (up from $957 million in Q4 2022)

The Q4 2023 and 2022 periods include the 3 months ending 2/2/2024 and 2/3/2023, respectively.

2023 Sales: $86.4 billion (down from $97.1 billion in 2022)
2023 Net Earnings: $7.73 billion (up from $6.44 billion in 2022)

The company expects performance to slide a bit in 2024, estimating comparable sales to be down 2 to 3%.

Let’s compare these figures to Home Depot’s figures for 2023 and the 3-month period (Q4) ending 1/28/2024.

Lowe’s Q4 2023 Sales: $18.6 billion
Home Depot Q4 2023 Sales: $34.8 billion

Lowe’s 2023 Sales: $86.4 billion
Home Depot 2023 Sales: $152.7 billion

As of 2/2/2024, Lowe’s operated 1,746 stores. As of 1/28/2024, Home Depot operated 2,335 stores (2,015 in the USA, 182 in Canada, 138 in Mexico).

Lowe’s CEO says that they “delivered strong operating profit and improved customer satisfaction, despite the continued pullback in DIY spending.”

Marvin Ellison, Lowe’s chairman, president, and CEO, also said:

We are also pleased to award $140 million in discretionary bonuses to our frontline associates in recognition of their exceptional customer service in 2023.

It was recently reported on social media that the one-time bonus will be $400 for eligible full-time hourly store employees and $200 for eligible part-time workers. Eligible salaried managers and supervisors will receive a bonus of $5000.

There’s a bit of chatter and controversy about the bonus, as it seems department supervisors are being treated as hourly store employees, meaning they’ll get the far lower bonus amount.

Lowe’s said:

In total, the company returned $8.9 billion to shareholders through share repurchases and dividends in fiscal 2023.

In 2023, Lowe’s paid $2.5 billion in dividends and repurchased $6.3 billion in shares.

This is part of their “capital allocation” strategy.

The company remains committed to a best-in-class capital allocation strategy focused on driving long-term, sustainable shareholder value.

Separately, Lowe’s sent out an email blast today, announcing another new rewards program:

We are excited to announce MyLowe’s Rewards, a new way to save and earn rewards by shopping at Lowe’s! As a current account holder, you will be automatically enrolled into the new program.

With the new Lowe’s rewards program, customers can earn points towards “MyLowe’s Money.”

The email also says that Lowe’s credit card holders will get more rewards. A reader emailed me yesterday, complaining that Lowe’s credit card interest rate will be increasing to an APR of 32.99%. I have not yet been able to verify this.

Existing MyLowe’s key fobs will stop working on March 7, 2024.